DSW ‘satisfied’ with flat sales
12/02/2014
Excluding luxury sales of $1 million, total revenues decreased by 3.9% to $571 million for the quarter.
CEO Mike MacDonald said: "Given the weak retail environment, we were satisfied with our financial performance.”
The company also announced Douglas Probst, executive vice-president and chief financial officer will be retiring on May 1 after nine years of service.
Mr Probst guided the company through its transition to a public company and its merger with Retail Ventures in 2011.
"I want to thank Doug for his nine years of financial stewardship at DSW. During that period, the company doubled its sales and grew its net income by almost five times,” added Mr MacDonald.
Helen Betsy Wallace, senior vice-president of finance, will continue to serve as the principal accounting officer with responsibility for accounting, treasury, tax and internal audit functions.
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